Ready Capital Corporation Announces Preliminary Results Of Tender Offer

NEW YORK, May 2, 2021 /PRNewswire/ -- Ready Capital Corporation (RC) - Get Report (" Ready Capital" or the " Company") announced today the preliminary results of its tender offer for all outstanding shares of its 6.25% Series C Cumulative Convertible Preferred Stock, $0.0001 par value per share (the " Series C Preferred Stock"), which expired at 5:00 p.m. New York City time on April 30, 2021. Based on the preliminary count by the paying agent for the tender offer, the Company expects to acquire approximately 445,320 shares of Series C Preferred Stock at a price of $25.14323 per share (which represents 100% of the $25.00 liquidation preference, plus accrued and unpaid dividends to, but not including, the purchase date) for a total cost of approximately $11.2 million. These shares represent approximately fifty-seven percent of the shares of Series C Preferred Stock outstanding.